Binance plans to re-enter the US market, will Changpeng Zhao reduce his stake?

On the global cryptocurrency market chessboard, Binance is undoubtedly the leader. However, for the world’s most important financial market—the United States—this exchange giant has always harbored a complex sentiment. Since withdrawing from the US domestic market in 2019 and serving local users through its independent entity Binance.US, Binance’s “American Dream” has been fraught with twists and turns. Now, with shifting political winds and a series of strategic adjustments emerging, Binance’s blueprint to return to the US seems to be being redrawn, while its founder CZ (Changpeng Zhao)'s personal halo and shareholding have unexpectedly become the most critical variables and potential “shackles” in this comeback drama.

“CZ Dilemma”

The turning point in the story occurred in October 2025, when US President Donald Trump granted clemency to CZ, not only freeing the crypto leader from legal troubles but also bringing a dramatic turn to Binance’s relationship with the US market. After his release, CZ quickly re-entered the public eye, publicly declaring that he would “do everything possible to help the US become the cryptocurrency capital and promote Web3 development worldwide.” This statement was undoubtedly interpreted by the market as Binance sounding the horn for its return to the US.

However, this “key” opened by the presidential pardon is also a double-edged sword. According to sources cited by Bloomberg and multiple media outlets, although CZ is legally prohibited from participating in any formal or informal operations of Binance, his role as a controlling shareholder of Binance.US has become a major obstacle in expanding the company’s business in the US, especially when seeking key operational licenses in various states. In the eyes of regulators, CZ’s enormous personal influence and past violations make them cautious or even resistant to approving Binance.US’s operational applications.

To break this deadlock, Binance is evaluating a series of plans to revitalize its US operations. Among them, the most notable is the restructuring of Binance.US’s capital, through introducing new capital or buybacks, to dilute or even fully acquire CZ’s majority stake. This move aims to fundamentally change Binance.US’s ownership structure and send a clear signal to regulators: the company is severing ties with past risks and seeking market access with a new, more compliant posture.

In addition to internal “de-CZing” equity adjustments, Binance’s external strategies are also highly active and targeted, aiming directly at the core circles of US finance and politics.

On one hand, Binance is working to deepen its cooperation with Wall Street giant BlackRock. As the world’s largest asset manager, BlackRock’s Bitcoin ETF is the largest of its kind in the US market. Binance announced last month that it would accept BlackRock’s tokenized money market fund BUIDL as collateral for OTC trading. Insiders say that discussions have gone beyond this, involving the development of new products, potential revenue sharing, and deeper financial collaborations. Building close ties with traditional financial giants like BlackRock not only provides Binance with strong liquidity and product support but also serves as an important endorsement of its brand legitimacy.

On the other hand, Binance is actively building its political network. It is seeking to establish closer relations with (World Liberty Financial) WLFI, a crypto venture capital firm associated with members of the Trump family. In the context of the Trump administration’s unprecedented friendly attitude toward the crypto industry, this move is undoubtedly Binance’s strategic attempt to leverage political resources to pave the way for its return to the US market.

Invisible Influence

While external alliances are forming, Binance’s internal power structure has also quietly changed. Recently, Binance co-founder and CZ’s partner Yi He was appointed co-CEO, sharing leadership with current CEO Richard Teng.

Yi He’s promotion is seen as a complex signal. On one hand, she became the face of the company during CZ’s imprisonment, leading strategic direction, and her appointment symbolizes stability and continuity. On the other hand, her close relationship with CZ has led outsiders to question whether this is another way for CZ to maintain influence, blurring the boundaries between Binance and CZ. This makes the power balance between Teng, who has a strong regulatory background and is responsible for communication with global regulators post-crisis, and Yi He, more delicate.

Interestingly, CZ’s personal influence is so significant that it has even spawned a unique market phenomenon. A prediction market called “Predict.fun” launched a “CZ Mention Market” before CZ’s BNB Chain AMA event on December 18 (UTC+4 16:30). Users could bet on whether CZ would mention “BNB” more than five times, “Builder” more than three times, and other specific words during the live broadcast. Data shows that up to 94% of participants bet that he would mention “BNB” multiple times.

This seemingly entertainment-oriented event precisely quantifies CZ’s “halo effect.” Even without an official position, his words and actions remain the focus and source of confidence for the entire ecosystem. This also indirectly confirms regulators’ concerns: how can a founder with such enormous personal appeal effectively isolate himself from the business empire he built? This intangible, deeply rooted influence is a fundamental issue that Binance must face and address on its path to compliance.

The Road Ahead

Although Binance’s strategic return appears ambitious, the reality is far more rugged than imagined. Binance.US’s current situation is worrying; its market share has plummeted from a peak of 35% to nearly zero, and licenses in over ten states and regions—including Alaska, Florida, and New York—have been revoked or never approved.

Duke University legal scholar Lee Reiners pointed out that Binance.US will face “a huge challenge” in reobtaining remittance licenses in various states, especially those governed by Democrats. These state regulators harbor reasonable doubts about Binance’s past record and are unlikely to be easily swayed by its goodwill. Moreover, Trump’s clemency for CZ has sparked strong backlash from senior Democratic lawmakers Elizabeth Warren and Maxine Waters, who accused it of being a “pay-to-play” and “corruption,” indicating that Binance’s return will face ongoing political resistance.

While industry hopes for a federal licensing system through a market structure bill currently under congressional review—aiming to bypass complex state regulations—this bill has stalled due to partisan disagreements, and its short-term prospects remain uncertain.

Overall, Binance’s strategy to re-enter the US market is a carefully planned, multi-dimensional complex game. It involves painful “self-revolution” by considering weakening the founder’s core equity; cleverly leveraging the new political climate and forming alliances with financial and political forces; and managing internal power dynamics and the founder’s persistent influence.

CZ’s personal brand was once the biggest driving force behind Binance’s rise, but now it may become the greatest obstacle to its development in the US market. Whether Binance can successfully stage a “king’s return” depends on whether it can convince US regulators that it has truly turned a new page. In the coming months, the final decisions regarding CZ’s equity and substantive progress with partners like BlackRock will be key indicators of this comeback’s trajectory. For Binance, the US market’s door has reopened with a slit, but the road behind it remains fraught with thorns.